We don’t have a summary available yet.
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Apr 3, 2022.
This bill requires certain entities to disclose ransom payments to the Department of Homeland Security (DHS).
Specifically, within seven days of paying a ransom, disclosure must be made to DHS by any entity that (1) is engaged in interstate commerce, (2) is engaged in an activity affecting interstate commerce, or (3) receives federal funds.
DHS must publish annually information disclosed, including the total dollar amount paid, without revealing identifying information.
DHS must conduct a study to determine if there are commonalities with respect to the information disclosed and the extent to which cryptocurrency has facilitated the kinds of attacks that resulted in such payments.
DHS must establish a website by December 21, 2021, through which individuals may voluntarily report the payment of a ransom by the individual.